Line Gets FSA’s Green Light to Operate Crypto Exchange in Japan

Line’s Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term arm LVC Corporation has received an operating license from Japan’s Financial Services Agency (FSA) to run a crypto exchange in the country, the company announced on Friday.

The messaging giant received the license under the country’s Payment Services Act and is allowed to offer crypto trading pairs with Bitcoin, Bitcoin Cash, Ethereum, Litecoin, and XRP, per the FSA’s updated document.

“LVC has been persevering to produce a sound business plan and activity, streamline the service's security and system operation, and build a robust team to operate a secure service in accordance with the Financial Services Agency's ("FSA") guidance on the screening process and other necessary steps for the registration of new cryptocurrency exchanges,” the company noted.

Mandatory licenses to enter the two big markets

LVC Corporation, which also operates Line’s digital currency, has already been operating crypto exchange BitBox since July 2018, however, due to licensing issues, its services are not available in Japan and the United States.

FSA’s green light has paved the way for the company to extend its crypto trading to Japan.

“LVC has been listed in FSA's official registry of virtual currency exchange service providers published today. LVC is now ready to begin preparing for the launch of its cryptocurrency exchange which places user safety and security in its forefront,” Line stated in the official statement.

As Finance Magnates reported earlier, Line will launch the exchange for its 80 million Japanese user base, allowing them to buy and sell Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term. The new exchange will be named BitMax.

With the addition of LVC, the Japanese regulator has granted permission to 20 companies to run crypto exchanges in the country. In May, the FSA granted the same license to Yahoo-backed crypto exchange Taotao.

Japanese internet giant Rakuten launched its mobile-based crypto exchange in the country last month.